Modelo - Relatorio Avaliacao Faculdade

Transcription

Appraisal
REPORT:
Hospital Brasil
Rua Coronel Fernando Prestes, 1177
Vila Assunção – Santo André/SP
Prepared
For:
Date:
December 18, 2012
Alameda Araguaia, 2.044
Bloco 1 – conjuntos 1.311 e 1.312
CEP: 06455-000, Barueri, SP
Phone: 55 /11/ 2078-3120
São Paulo, December 18, 2012.
North West
Att.: Gerson Amado
Phone: (11) 3443-7801
E-mail: Gerson.amado@nwvp.com
APPRAISAL REPORT OF A COMMERCIAL PROPERTY LOCATED AT RUA CORONEL FERNANDO
PRESTES 1177 (HOSPITAL E MATERNIDADE BRASIL AND SUPPORTING BUILDINGS IN THE
NEIGHBORHOOD), LOCATED IN THE DISTRICT OF VILA ASSUNÇÃO, IN THE CITY OF SANTO
ANDRÉ, STATE OF SÃO PAULO
Gentlemen,
In response to your request, Cushman & Wakefield is pleased to submit a report on the market
appraisal for the purchase/sale or lease of the properties above.
This Appraisal was prepared based on information available in the market and obtained from contacts
with brokers and other professionals that specialize in the local market.
This report was prepared for North West, and is exclusively for Client use. The publication or
distribution of all or part of this study to third parties is prohibited unless authorized in writing by
Cushman & Wakefield.
The “User,” as defined in this assessment, is NorthWest Value Partners Inc and any of its affiliates,
including but not limited to NorthWest International Healthcare Properties REIT (the “User”). This
report is intended only for the use and benefit of the User, and any other party specifically identified in
writing by the User for its public market and financing activities. Cushman cannot and will not be
liable for unauthorized reliance by any other third party.
We would like to thank you for this opportunity and would be happy to answer any questions you may
have.
Sincerely,
Joana Silva
Coordinator, Valuation & Advisory
Cushman & Wakefield, Brasil
Rogério Cerreti, MRICS
Director, Valuation & Advisory
North West
EXECUTIVE SUMMARY
DATE OF THE APPRAISAL:
December 18, 2012
DATE OF THE INSPECTION:
July 20, 2012
TYPE OF PROPERTY:
Commercial Properties
OBJECTIVE:
Determine the free market value (Fair Value) for the purchase/sale
or lease of the property
APPROACH:
Sale/Lease Comparison Approach, Replacement Cost Approach
and Income Capitalization Approach
ADDRESS:
Hospital e Maternidade
Brasil
Rua Coronel Fernando Prestes, 1177, Vila Assunção, Santo André,
SP
DESCRIPTION OF THE PROPERTIES:
Hospital e Maternidade Brasil – Santo André:
NOTE:
Description:
This is a commercial property comprised of 2 main
buildings, currently used as a hospital. In addition
to the 2 main buildings there are 29 other
properties in the surrounding region that are used
for parking, medical offices, administration, support
functions, etc.
On a plot of land:
2,962.00 sq. meters (according to the documents
sent by the client), which agrees with the property
description
Total Built Area:
28,948.53 sq. meters (according to the documents
sent by the client), which agrees with the property
description
Areas are based on client information, and were not independently verified on-site.
DOCUMENTATION:
Hospital e Maternidade Brasil – Santo André:
Registration:
Santo André Property Registrar, numbers 73.880; 15.982; 38.133;
25.517; 61.366; 36.463; 55.919; 74.228; 64.666; 22.426; 34.253;
17.985; 67.992; 72.902; 15.127; 50.518; 45.965; 16.487; 43.287
and 53.087.
Taxes and Fees:
2012 Property Tax Notices numbers: 0.15.100.052.0;
0.15.100.046.0; 0.15.100.047.0; 0.15.100.015.0; 0.15.100.051.0;
0.15.166.006.0; 0.15.166.023.0; 0.15.167.016.0; 0.15.102.034.0;
0.15.102.041.0; 0.15.102.051.0; 0.15.144.033.0; 0.15.099.009.0;
0.15.099.010.0; 0.15.084.445.0; 0.15.084.135.0; 0.15.084.444.0;
0.15.099.018.0; 0.15.099.017.0; and 0.15.098.003.0.
Lease Agreements
Lease agreements for buildings 15, 27, 28 and 29.
North West
Other data:
Area Chart
Hospital Revamping and Expansion Project.
ZONING:
See the corresponding item in the report
MARKET:
See the corresponding item in the report
REPORT:
MARKET VALUE FOR LEASING PROPERTY (R$/MONTH)
R$ 2.135.583,33 (TWO MILLION ONE HUNDRED AND THRITY FIVE TOUSAND FIVE HUNDRED
AND EIGHTY THREE REAIS) A MONTH
MARKET VALUE FOR THE SALE OF THE PROPERTIES (R$)
R$ 255.026.000,00 (TWO HUNDRED AND FIFTY FIVE MILLION TWENTY SIX TOUSAND REAIS)
North West
CONTENTS
1.
Objective
6
2.
Approach
7
METHODS TO IDENTIFY THE VALUE OF AN ASSET, ITS FRUITS AND
RIGHTS
METHODS TO IDENTIFY THE COST OF AN ASSET
METHODS TO IDENTIFY FEASIBILITY INDICATORS OF THE ECONOMIC
USE OF A DEVELOPMENT
TECHNICAL DEFINITIONS
APPLICATION OF THE METHODOLOGY
VALUATION SPECIFICATIONS
7
7
8
8
8
8
3.
Premises and Disclaimers
9
4.
Hospital e Maternidade Brasil
10
4.1.
Location
11
SITUATION
NEIGHBORHOOD OCCUPATION
PUBLIC UTILITIES
TRANSPORTATION
4.2.
11
12
12
12
Description of the Property:
13
BUILDINGS
AREA CHART
4.3.
13
31
Documentation
33
PROPERTY REGISTRATION
TAXES AND FEES
LEASE AGREEMENTS
OTHER
4.4.
33
34
35
35
Urban Planning
36
RESTRICTIONS REGARDING USE
RESTRICTIONS ON URBAN QUALIFICATION ZONES
4.5.
Market
37
37
38
BRAZILIAN ECONOMIC SCENARIO
GENERAL INFORMATION ABOUT SANTO ANDRÉ
BRAZILIAN INVESTMENT MARKET
THE HEALTHCARE INDUSTRY
GENERAL INDICATORS
38
38
39
40
41
THE REAL ESTATE MARKET IN THE REGION
SUPPLY AND DEMAND
42
42
5.
Additional Information
43
5.1.
Tenant description
44
North West
6.
Appraisal
46
DETERMINATION OF THE PURCHASE/SALE VALUE - INCOME
CAPITALIZATION APPROACH BASED ON A DISCOUNTED CASH FLOW
DETERMINATION OF THE SALES VALUE USING THE REPLACEMENT
COST APPROACH
7.
Final Valuation Conclusion
47
49
53
Attachment I - Photographic Report
Attachment II – Discounted Cash Flow
Attachment III – Sample Handling – Replacement Cost
Attachment IV – Valuation Specification - NBR 14,653-2/11
North West
6
1. Objective
In response to your request, herein we report the "free market value" (fair value) for the purchase/sale
or lease of the three properties below:
HOSPITAL BRASIL, located at Rua Coronel Fernando Prestes 1177 (Hospital e Maternidade Brasil
and supporting buildings in the neighborhood), located in the district of Vila Assunção, in the city of
Santo André, in the state of São Paulo
North West
7
2. Approach
The approach used for this effort consisted of an analysis of the physical characteristics of the
properties and of information collected in the market. This information was processed to determine
the final value of the properties. This methodology complies with Brazilian Standards Association
(ABNT - Associação Brasileira de Normas Técnicas) NBRs 14,653-1/2001 and 14.653-2/2011.
Below we describe the normal appraisal procedures employed to assess the value of an asset, its
fruits and rights, as well as the method used to determine feasibility indicators, as required by
applicable standards:
METHODS TO IDENTIFY THE VALUE OF AN ASSET, ITS FRUITS
AND RIGHTS
SALE/LEASE COMPARISON APPROACH
This approach calculates the market value of an asset by adjusting the attributes of comparable
elements in a sample.
RESIDUAL APPROACH
This approach uses a feasibility study to establish the market value of an asset based on its highest
and best use, using a hypothetical development of comparable characteristics to those of the asset in
question, and the situation of the market of which it is part, using different feasible scenarios for the
construction and sale of the product.
REPLACEMENT COST APPROACH
This approach calculates the value of an asset as the sum of the value of its components. If the
object of the appraisal is to determine the market value, then factors related to the sale must also be
taken into consideration.
DIRECT INCOME CAPITALIZATION APPROACH
This approach establishes the value of on asset based on the present capitalization of the net
revenue expected from the property under feasible scenarios.
METHODS TO IDENTIFY THE COST OF AN ASSET
COST COMPARISON APPROACH
This approach establishes the cost of an asset by technically handling the attributes of a comparable
set of properties in a sample.
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8
ASSESSED COST APPROACH
This approach identifies the cost of an asset or of its parts using summary or analytical estimates
based on the quantity of services included and their respective direct and indirect costs.
METHODS TO IDENTIFY FEASIBILITY INDICATORS OF THE
ECONOMIC USE OF A DEVELOPMENT
The usual appraisal procedures to determine feasibility indicators for the economic use of a given
development are based on its projected cash flow, from which are obtained decision making
indicators based on the net present value and internal rate of return, among others.
TECHNICAL DEFINITIONS
"Free Market Value” is understood to be the most likely value for which an asset would be willingly
and knowingly negotiated on a reference date under prevailing market conditions for the
sale/purchase or lease of said asset.
APPLICATION OF THE METHODOLOGY
The applicable methodology is basically a function of the nature of the asset being appraised, the
purpose of the valuation and the availability, quality and quantity of the information collected in the
market.
The appraisal process is concluded by analyzing the results of the different approaches to value
used. When more than one approach is used, each one is judged based on its applicability and
reliability, as well as the quantity and quality of the information available. Thus the final value of the
property may be based on one approach alone or on a correlation of some or all of them.
In this case we used the following approaches to determine value:
For Hospital Brasil we used the "Discounted Cash Flow" approach to determine the sale value of the
property.
VALUATION SPECIFICATIONS
The specifications of any valuation are related to the effort of the valuation engineer, the market and
the information available. The objective of having the client define an initial desired level of accuracy
is to determine the effort to be used in the valuation, but this does not guarantee that significant levels
of foundation can be reached. Precision, on the other hand, depends exclusively on the
characteristics of the market and the sample, and therefore cannot be set in principle.
This effort is classified as “Level I” in terms of accuracy and “Level III” in terms of precision, as
provided for in the applicable ABNT standards. We stress that the accuracy of any appraisal is
directly related to the information that can be extracted from the market and therefore does not
depend exclusively on the will of the valuation engineer and/or the party who contracted the valuation
service.
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3. Premises and Disclaimers
The work leading up to this report was based on the following premises and conditions:
■
The information used for this effort was provided in writing or orally by the sources
mentioned and may or may not have been independently audited. For the purposes of
this report, Cushman & Wakefield assumed said data and information to be true and
accurate.
■
The documents were not analyzed from a legal point of view, but merely in terms of those
aspects that would influence the sale or lease of the property;
■
Environmental studies and reports as well as ground contamination are outside the scope
of this effort;
■
No structural analyses of the existing buildings and foundations were conducted;
■
Likewise, we did not test or calibrate any type of equipment or facilities existing on the
property and required for proper operation, but assumed all to be in perfect running order.
■
Land, total built and Floor Area s are based on documents provided by the client, and
have not been verified on site;
■
For the purposes of our calculations we assumed that the areas informed by the client
are a true and accurate reflection of the property.
■
For the purposes of calculating value, we have assumed that all property titles are in
good order and free of any lien or encumbrance;
■
We stress that the values determined in our appraisal are based on Appraisal
Engineering methodology, procedures and criteria, and are not intended as exact figures
but rather as the most likely amount for which the property would be willingly and
knowingly traded on a particular reference date, given the prevailing market conditions.
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4. Hospital e Maternidade Brasil
Source: Cushman & Wakefield
North West
11
4.1. Location
SITUATION
The study property is located at Rua Coronel Fernando Prestes, 1177 in Vila Assunção, Santo André,
SP.
This is about 300 meters from the city's central park, and about:
■
1.0 kilometers from the Santo André municipal seat;
■
2.4 kilometers from Gran Plaza Shopping;
■
2.7 kilometers from Avenida dos Estados;
■
4.0 kilometers from the Anchieta Highway;
■
9.0 kilometers from the Imigrantes highway;
■
19.0 km from downtown São Paulo.
PROPERTY LOCATION MAP
Source: Cushman & Wakefield
North West
12
NEIGHBORHOOD OCCUPATION
The property is located in a mixed use, medium density region with single family homes, and
commercial and residential buildings of average standard of construction, and miscellaneous trade
establishments.
The main references points in the region are Shopping ABC, the city's central park and Hospital
Estadual Mario Covas.
PUBLIC UTILITIES
The neighborhood is served by all public utilities such as power, water, sewage, telephone, street
lights, waste collection and postal services.
Rua Coronel Fernando Prestes, where the property is located, is a paved, two lane, two way street
with sidewalks and gutters.
The other, secondary streets in the neighborhood are also paved, two lane, two way streets, all with
sidewalks and gutters.
TRANSPORTATION
In terms of public transportation, the property is served by regular bus lines that connect it to the
neighboring districts and parts of the ABC region.
The property is about 1.7 kilometers from the Santo André railroad station (CPTM), which connects
the city of Rio Grande da Santo André with downtown São Paulo.
Congonhas Airport is about 15 kilometers away, a 30 minute car ride outside rush-hour. The
international airport in Guarulhos is 30 kilometers away, and can be reached in one hour, again
outside of rush-hour.
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4.2.
Description of the Property:
This is a commercial property currently occupied by Hospital e Maternidade Brasil. It is comprised of
2 buildings and another 29 properties in the surrounding neighborhood that house support services
such as medical offices, parking, administration, support activities, etc.
BUILDINGS
PROPERTIES LOCATION
Source: Rede D´Or
North West
14
PRINCIPAL BUILDING - GENERAL HOSPITAL
HOSPITAL BRASIL
GENERAL HOSPITAL - BUILDING A
ADDRESS
Rua Coronel Fernando Prestes, 1177, corner of Rua Votuporanga
TYPE
Hospital
APPARENT AGE
20 years
DESCRIPTION
3RD BASEMENT
Parking
2ND BASEMENT
CT and hemodynamics
1ST BASEMENT
Adult emergency care
GROUND FLOOR
2ND FLOOR
Rua Votuporanga exit, central reception,
Reception and medical offices
hospitalization and restaurant
Under construction, delivery expected in
Nursery/Maternity Ward
September
Hospitalization
Rooms
3RD FLOOR
Hospitalization
Rooms
4TH FLOOR
Hospitalization
Rooms
1ST FLOOR
Garage
Labs, kitchen, cafeteria, lab (renovated)
and garage
Offices (some are being renovated),
garage and reception
North West
15
GENERAL HOSPITAL - BUILDING B
ADDRESS
Rua Coronel Fernando Prestes, 1177, corner of Rua Votuporanga
TYPE
Hospital
APPARENT AGE
20 years
DESCRIPTION
2ND BASEMENT
Magnetic Resonance, Orthopedics and
Pediatric Emergency Care
Parking Garage
1ST BASEMENT
Av. 12 de Outubro exit and Exam rooms
Rooms
GROUND FLOOR
Radiology
Rooms
1ST FLOOR
Nursery and Obstetrics Center
Rooms
2ND FLOOR
Surgical Center
Rooms
3RD FLOOR
ICU
Rooms
4TH FLOOR
ICU
Rooms
5TH FLOOR
ICU
Rooms
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SUMMARY OF EXISTING IMPROVEMENTS - GENERAL HOSPITAL
ITEM
DESCRIPTION
STRUCTURE
Reinforced concrete
FAÇADE
Latex paint
ROOF
Heliport
FRAMES
Aluminum
VERTICAL CIRCULATION
Elevators and stairways
AIR CONDITIONING
Individual units (in some rooms) and central AC
BUILDING SECURITY
Private security
FIRE PROTECTION
Fire extinguishers, sprinklers, alarms, smoke detectors and hydrants
CEILING
PVC and plaster
LIGHTING
Fluorescent lamps
STATE OF REPAIR
Between new and fair
APPARENT AGE
20 years
ESTIMATED LIFETIME
60 years
REMAINING LIFETIME:
40 years
MAIN FINISHINGS
ITEMS
DESCRIPTION
FLOORING
PVC and Porcelain tile
WALLS
Latex paint and tile
CEILING
Textured slab ready for paint and plaster
North West
17
SUBLEASE PROPERTIES
BUILDING 1 DERMATOLOGY, UROLOGY AND PROCTOLOGY / ADM. AND DIRECTOR OFFICES
ADDRESS
Av. 12 de Outubro, 100
TYPE
Commercial property incorporated into the general hospital
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Medical offices
2ND FLOOR
Administration - offices and meeting rooms
3RD FLOOR
Director Area - offices and meeting rooms
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18
BUILDING 2
LIBRARY
ADDRESS
TYPE
Residential property adapted for commercial use - Simple
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Library
BUILDING 3
ENDOCRINOLOGY, PNEUMONOLOGY, ORAL AND MAXILLOFACIAL SURGERY
ADDRESS
TYPE
APPARENT AGE
20
DESCRIPTION
GROUND FLOOR
Medical offices
2ND FLOOR
Medical offices
North West
19
BUILDING 4
PATHOLOGY AND CYTOLOGY LAB
ADDRESS
TYPE
Residential property adapted for commercial use – Simple
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Lab
2ND FLOOR
Lab
BUILDING 5
PURCHASING
ADDRESS
TYPE
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Purchasing
North West
20
BUILDING 6
PRE-NATAL
ADDRESS
Rua Porto Alegre, 334
TYPE
Residential property adapted for commercial use – medium standard
APPARENT AGE
15 years
DESCRIPTION
BASEMENT
1 Parking Space
GROUND FLOOR
Medical offices
BUILDING 7
GYNECOLOGY
ADDRESS
TYPE
APPARENT AGE
15 years
DESCRIPTION
BASEMENT
1 Parking Space
GROUND FLOOR
Medical offices
North West
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BUILDINGS 8 AND 9
VACCINATION CENTER / ADMINISTRATION
ADDRESS
Rua Votuporanga, 171 and 175
TYPE
APPARENT AGE
15 years
2
DESCRIPTION
GROUND FLOOR
Medical offices, 1 parking space
2ND FLOOR
Medical offices
BUILDING 10
MAINTENANCE
ADDRESS
Rua Votuporanga, 145
TYPE
Vacant lot
DESCRIPTION
GROUND FLOOR
Parking and offices
NOTE:
these buildings have no commercial value
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22
BUILDING 11
LAB
ADDRESS
TYPE
Commercial Property - High end
APPARENT AGE
5 years
DESCRIPTION
GROUND FLOOR
Medical offices
BUILDING 12
AMBULATORY CARE AND BLOOD BANK
ADDRESS
TYPE
APPARENT AGE
5 years
DESCRIPTION
GROUND FLOOR
Medical offices
North West
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BUILDING 13
HR
ADDRESS
TYPE
APPARENT AGE
20 years
DESCRIPTION
1ST BASEMENT
Parking for 2 cars;
GROUND AND 1ST
FLOORS
Offices
BUILDING 14
HEMATOLOGY CLINIC
ADDRESS
TYPE
APPARENT AGE
5 years
DESCRIPTION
GROUND FLOOR
Medical offices
1ST FLOOR
Medical offices
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BUILDING 15
PEDIATRICS
ADDRESS
Rua Tabaiares, 292
TYPE
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Medical offices
1ST FLOOR
Medical offices
BUILDING 16
PARKING
ADDRESS
Rua Tabaiares, 228
TYPE
Vacant lot
DESCRIPTION
GROUND FLOOR
Parking
North West
25
BUILDING 17
IT
ADDRESS
Rua Tabaiares, 285
TYPE
APPARENT AGE
20
DESCRIPTION
GROUND FLOOR
Stock room
1ND AND 2RD FLOORS Offices
BUILDING 18
LEGAL/MARKETING
ADDRESS
Rua Tabaiares, 299
TYPE
APPARENT AGE
20 years
DESCRIPTION
GROUND FLOOR
Offices / 1 Parking Space
1ST FLOOR
Offices
North West
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BUILDING 19
CARDIOLOGY
ADDRESS
TYPE
APPARENT AGE
20 years
DESCRIPTION
1ST BASEMENT
Parking for 1 car
GROUND FLOOR
Medical offices
BUILDING 20
“SAME”/FILES
ADDRESS
TYPE
Commercial Property - Simple
APPARENT AGE
15 years
DESCRIPTION
GROUND FLOOR
Parking for 5 cars, offices
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BUILDING 21
GENERAL CLINIC
ADDRESS
TYPE
APPARENT AGE
15 years
DESCRIPTION
BASEMENT
Offices
GROUND FLOOR
Medical offices
BUILDING 22
CHEMOTHERAPY
ADDRESS
Rua Natalino Garife, 23
TYPE
Commercial Property – medium standard
APPARENT AGE
10 years
DESCRIPTION
BASEMENT
7 parking spaces
GROUND FLOOR
Offices
2ND FLOOR
Offices
North West
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BUILDING 23
PARKING
ADDRESS
Rua Tiradentes, 147 (IPTU 149)
TYPE
Vacant lot
DESCRIPTION
GROUND FLOOR
Open air parking spaces
BUILDING 24
WORK SITE
ADDRESS
Rua José de Melo, 180
TYPE
Vacant lot
DESCRIPTION
GROUND FLOOR
Work Site. There is a project to build a 4 story commercial building with two basement
levels
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29
BUILDING 25
FISIOCORP (PHYSICAL THERAPY)
ADDRESS
TYPE
APPARENT AGE
15 years
DESCRIPTION
GROUND FLOOR
Medical offices
BUILDING 26
LOCKER ROOMS
ADDRESS
Rua Votuporanga, 54 (IPTU 24)
TYPE
APPARENT AGE
15 years
DESCRIPTION
GROUND FLOOR
Offices
North West
30
BUILDING 27
LAUNDRY/”SAME” FILES
ADDRESS
TYPE
APPARENT AGE
15 years
No photo
DESCRIPTION
GROUND FLOOR
Offices
BUILDINGS 28 AND 29
ASSOCIATION
ADDRESS
Rua José de Melo, 65 and 77
TYPE
APPARENT AGE
15 years
DESCRIPTION
GROUND FLOOR
Offices
North West
31
AREA CHART
According to the property tax document provided by the client, the study property has the following
areas:
#
2
3
4
5
6
7
8e
9
11
12
13
14
15
17
18
19
20
21
22
25
26
27
28
Property
Library
Endocrinology, Pneumonology and
Oral and Maxillofacial Surgery
Pathology and Cytology Lab
Purchasing
Prenatal
Gynecology
Vaccination Center / Administration
Lab
Ambulatory Care and Blood Bank
Human Resources
Hematology Clinic
Pediatrics
IT
Legal/Marketing
Cardiology
SAME/Files
General Clinic
Chemotherapy
Fisiocorp
Locker rooms
Laundry/SAME Files
Association
General Hospital / Dermatology,
30
Urology and Proctology
TOTAL 1 - BUILDINGS
10
Maintenance
16
Parking
23
Parking
24
Work Site
TOTAL 2 – LAND SITES
PROPERTY TOTAL AREA
Property Registry
Land Area
Built Area
(sqm)
(sqm)
Property Tax
Land Area Built Area
(sqm)
(sqm)
Assumed
Area (sqm)
-
-
n/i
157.13
157.13
-
-
n/i
164.32
164.32
223.25
229.58
338.71
-
n/i
223.00
229.00
339.00
176.18
93.00
226.00
295.00
176.18
93.00
226.00
295.00
350.00
480.00
480.00
86.00
350.00
-
-
n/i
303.07
303.07
-
-
n/i
181.33
181.33
130.00
-
n/i
130.00
255.00
400.00
136.00
295.00
414.00
347.00
212.00
400.00
533.00
n/i
393.40
201.00
446.00
182.00
182.00
223.00
248.00
466.00
391.00
182.00
651.00
157.10
393.40
201.00
446.00
182.00
182.00
223.00
248.00
466.00
391.00
182.00
651.00
157.10
150.00
400.00
136.50
295.50
414
347.50
212.00
376.00
535.70
n/i
243.00
n/i
10,055.58
14,044.32
507.46
1,404.10
376.00
2,287.56
16,331.88
10,055.00
329.00
0.00
329.00
14,318.00
675.00
507.00
1,404.00
376.00
2,962.00
17,280.00
23,000.00
5,798.53
191.00
0.00
0.00
185.00
376.00
6,174.53
28,948.53
675.00
507.00
1,404.00
376.00
2,962.00
31,910.53
Note 1: For calculation purposes we used the computable area for the General Hospital, as informed
by the client in an e-mail.
Note 2: Buildings 2, 3, 4, 11, 12 and 13 have been incorporated into the general hospital, therefore
the sites they are built on are included in the General Hospital registration document.
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Note 3: We do not have any data on the built area of buildings 28 and 29, therefore the areas used in
these calculations are estimates.
Note 4: The other built areas were taken from the property tax documents provided by the client and
were not checked on site by our technicians.
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33
4.3.
Documentation
PROPERTY REGISTRATION
The following registration documents were provided for the study properties:
REGISTRATION #
BUILDING
REGISTRATION
SIZE OF
#
SITE (SQM)
General Hospital 1-2-3- 4-10-11-12- 73,880
13
BUILT AREA
(SQM):
OWNER
DATE OF
REGISTRATION
DD/MM/YYYY
10,055.58
n/a
Hosp. e Matern. Brasil S.A.
06/10/2011
5
15,982
223.25
n/a
06/10/2011
6
38,133
229.58
86,00
06/10/2011
7
25,517
338.71
n/a
06/10/2011
8 and 9
61,366
350.00
n/a
06/10/2011
14
36,463
130.00
n/a
06/10/2011
15
n/a
n/a
n/a
n/a
n/a
16
55,919
507.46
n/a
06/10/2011
17
74,228
400.00
n/a
06/10/2011
18
64,666
136.50
n/a
06/10/2011
19
22,426
295.50
243,00
06/10/2011
34,253
240.00
n/a
06/10/2011
17,985
174.00
n/a
06/10/2011
21
67,992
347.50
n/a
06/10/2011
22
72,902
212.00
n/a
06/10/2011
15,127
465.10
n/a
06/10/2011
50,518
470.00
n/a
06/10/2011
45,965
469.00
n/a
06/10/2011
24
16,487
376.00
n/a
06/10/2011
25
43,287
376.00
n/a
06/10/2011
26
53,087
535.70
n/a
06/10/2011
27
n/a
n/a
n/a
n/a
n/a
28
n/a
n/a
n/a
n/a
n/a
29
n/a
n/a
n/a
n/a
n/a
20
23
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34
TAXES AND FEES
We were provided with the following property tax documents for 2012:
PROPERTY TAX (IPTU):
IPTU # - FISCAL
CLASSIFICATION
BUILDING
General Hospital 1-2-3- 4-10-11-12- 0.15.100.052.0
13
SIZE OF SITE (SQM)
BUILT AREA (SQM):
10,055.00
16.891.00
5
0.15.100.046.0
223.00
93.00
6
0.15.100.047.0
229.00
226.00
7
0.15.100.015.0
339.00
295.00
8 and 9
0.15.100.051.0
350.00
480.00
14
0.15.166.006.0
130.00
201.00
15
0.15.166.023.0
255.00
446.00
16
0.15.167.016.0
507.00
0.00
17
0.15.102.034.0
400.00
182.00
18
0.15.102.041.0
136.00
182.00
19
0.15.102.051.0
295.00
223.00
20
0.15.144.033.0
414.00
248.00
21
0.15.099.009.0
347.00
466.00
22
0.15.099.010.0
212.00
391.00
0.15.084.445.0
465.00
0.00
0.15.084.135.0
469.00
0.00
0.15.084.444.0
470.00
0.00
24
0.15.099.018.0
376.00
185.00
25
0.15.099.017.0
400.00
182.00
26
0.15.098.003.0
533.00
651.00
27
n/a
n/a
n/a
28
n/a
n/a
n/a
29
n/a
n/a
n/a
23
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35
LEASE AGREEMENTS
We were provided with the lease agreements for buildings 15, 27, 28 and 29, as follows:
BUILDING 15
■
Lease Agreement signed on March 1, 1996;
■
Lessor: Dr. Israel Zekcer;
■
Lessee: Hospital e Maternidade Brasil S.A.
■
Monthly rent adjusted on February 25, 2009 for R$ 3.663,70.
BUILDING 27
■
Lease Agreement signed on May 1, 1999;
■
Lessors: Flávio Gallinucci and Mauro Gallinucci;
■
■
Starting Monthly Rent: R$ 1.800,00.
BUILDING 28
■
Lease Agreement signed on September 1, 1999;
■
Lessors: Flávio Gallinucci, Mauro Gallinucci, Roberto Gallinucci and Sueli Ap. Gallinucci;
■
■
BUILDING 29
■
Lease Agreement signed on May 1, 1999;
■
Lessors: Flávio Gallinucci and Mauro Gallinucci;
■
■
OTHER
We were given a copy of the Area Chart and the Drawings for the Hospital Revamp and Expansion
Note: For the purposes of calculating value, we assumed that all property titles are in good order and
free of any lien or encumbrance.
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36
4.4.
Urban Planning
Property zoning, subdivision, use and occupancy in the city of Santo André is governed by Law #
9.394, dated January 5, 2012.
According to applicable legislation, the property is located inside an Urban Qualification Zone.
Source: Santo André Housing and Urban Development Department
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37
RESTRICTIONS REGARDING USE
City, state and federal restrictions that generally apply to land use may be of two types:
■
Restrictions regarding use;
■
Restrictions regarding occupancy.
Restrictions on use have to do with the activities that may exist in a given area. In other words, if the
property may be used for residential, commercial, industrial or other activities.
Restrictions on occupancy have to do with physical issues such as how setback from street and
neighbors, maximum built area, how much of the land can be built on, height limits, size of lot,
minimum percent area taken up by streets, green and institutional areas, etc.).
Occupancy restrictions are based on two main classical concepts:
■
Coverage Ratio: this is the ratio between the building footprint (area occupied by the
horizontal projection) and the site area;
■
Plot Ratio: this is the ratio between the computable gross floor area allowed for that
property and the total area of the site.
RESTRICTIONS ON URBAN QUALIFICATION ZONES
RATIOS:
■
Coverage Ratio: 0.67 or 67%;
■
Plot Ratio: 2.0 maximum - meaning that the built area cannot exceed 200% of the site;
USE:
Residential and non residential
Note: Information obtained from an informal questions asked of the Santo André Department of
Housing and Urban Development.
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38
4.5.
Market
BRAZILIAN ECONOMIC SCENARIO
Currently the global economy is experiencing a period of uncertainty. Although risk margins have
improved somewhat compared to 2011, they are still high in terms of the stability of the global
financial system, especially bearing in mind the fiscal problems and unemployment in mature
economies (such as in Europe), and a tendency towards higher inflation in emerging nations.
In Brazil the worsening global economy and a slowdown in manufacturing output experienced since
April 2011, along with the economic policies implemented in late 2010 and early 2011, resulted in a
slow-down and Brazil's GDP grew only 2.7% in 2011, less than had been expected. The GDP growth
expectation for 2012 remains 3.5%.
Inflation in 2011 was 6.5%, and came down to 5.2% in the first quarter of the year, which is still higher
than the 4.5% target set by the Brazilian Central Bank.
Domestic demand in Brazil has slowed down in 2012, but still favors economic activity as business
and personal credit should continue to experience moderate expansion, especially as the Selic rate
drops.
In 2011 inflation started to creep up, driven not only by higher domestic consumption, but also the
increased supply of goods. The domestic market should continue to grow in 2012, although the
employment rate should slow down a bit. In the first quarter there was a drop in unemployment, from
6.4% to 5.7% (y-o-y) in this country's six main metropolitan regions (Belo Horizonte, Porto Alegre,
Recife, Rio de Janeiro, Salvador and São Paulo)
Source: Brazilian Central Bank
GENERAL INFORMATION ABOUT SANTO ANDRÉ
Santo André is a city in metropolitan São Paulo. This region is easy to reach, had good public
transportation and infrastructure, and is taken up primarily by buildings of moderate standard of
construction.
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39
BRAZILIAN INVESTMENT MARKET
As the largest economy in South America and a top three exporter of halal meat, with an abundant
supply of natural resources and strong growth forecasts.
The Brazilian economy was one of the first to recover from the global financial crisis and continued to
expand rapidly in 2010. GDP grew by an estimated 7.5% (with some states including Espirito Santo
growing by more than 12%) over the year on the back of stimulus measures, strong internal demand,
export recovery, and improved credit availability.
Salaries and employment levels have continued to rise, translating into strong consumer confidence
and a growing middle class.
Its potential has started to translate into actual investment, as has been indicated by property market
investment volumes, which almost quadrupled between 2009 and 2010; from EUR1.25 billion
(US$1.76 billion) to EUR4.58 billion (US$6.44 billion).
It is worth noting that, as in other BRIC nations, a contractionary monetary policy has been
implemented to counter the threat of over-heating, and Brazil’s interest rate is therefore among the
highest in the world, with a reference rate of 10.5% per year.
However, the long-term outlook suggests a reduction in interest rates with the long-term reference
rate expected to fall to somewhere between 7% and 8%.
As a result of strong investor demand and rising asset values associated with the anticipated
reduction in long-term interest rates, yields have fallen sharply and currently stand at record lows of
8.5-11%, still with annual inflation adjustments and are expected to remain stable in 2012. However,
there are still considerable opportunities across all sectors.
OFFICE MARKET
The Brazilian office market (potential) is characterized by:
■
Limited large-scale property ownership and professional real estate platforms (though
this is changing);
■
Significant (but unintentional) owner occupied real estate due to a historic lack of third
party funding which has forced corporations to own properties (headquarters,
warehouses, etc);
■
• Insufficient asset quality (in most cases) to meet corporate requirements and growth
needs.
The office market has recently gained depth, with local and international investors being the main
agents in the value added and speculative space, joined by pension funds, financial institutions and
local capital markets for the core opportunities.
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40
There is considerable under-supply of high quality, modern stock and occupier demand remains
strong. Rents are rising although expected to peak in the near future, with an increase of high-quality
office space expected in 2012-2013 following the completion of a number of class A developments.
INDUSTRIAL MARKET
The industrial market is basic and outdated. Assets have low technical specifications and are
designed for a single user (usually the owner), and generally do not meet the requirements of tenants
and/or investors.
A developing economy coupled with a growing middle class/consumer market is causing substantial
changes in the industrial real estate segment.
Major opportunities exist for speculative developments (due to a lack of quality products) and ongoing
improvements in infrastructure are likely to create new investment opportunities in the industrial and
logistics sectors nationwide.
RETAIL SEGMENT
Brazil has the world’s 11th largest shopping mall market based on the number of malls in operation
translating to 5 m2 per 100 people. In comparison to the US (187 m2 per 100 people), it is clear that
the supply of Brazil’s shopping center space is below equilibrium. However, it is interesting to note
that the rental rates of some Brazilian malls are within the top five for the Americas, comparable to
Rodeo Drive in Los Angeles.
There are not many examples of IFIs capitalizing on the Brazilian real estate market. Some IFIs were
considering the market prior to the financial crisis and based on recent discussions have only recently
dusted off their plans for Brazil.
Given the current state of the global economy, it is probably wise for IFIs to start diversifying a
proportion of their currency exposures into emerging markets such as Brazil.
CONCLUSION
In the medium-term, the run-up to the football World Cup in 2014 and the Olympic Games in 2016
looks set to create further opportunities in the real estate market, particularly in the hospitality and
tourism sectors.
With such high profile international events over the next five years, the potential for Brazilian real
estate is indeed justified.
THE HEALTHCARE INDUSTRY
Although major investments have been made in private hospitals in recent years, the number of beds
has not kept up with the growing number of patients.
The occupancy rate in most private healthcare institutions is 85% or higher, partly due to the nation's
economic growth and partly due to the ageing of its population. Since 2003 the number of people 60
or over in São Paulo has grown 17%. According to the ANS (National Supplemental Health Agency),
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41
over this same period about one million of the city's inhabitants purchased some type of health plan
are make frequent use of the services. Currently 6.4 million of the people in this city are covered by a
healthcare plan.
São Paulo, Brazil's largest city is experiencing a shortage of hospital beds, including in private
hospitals. With a more stable economy the number of formal jobs with fixed wages and health
benefits has increased, but the facilities to provide such services have not kept up.
GENERAL INDICATORS
Source: Brazilian Federation of Hospitals
The increase in income and the growth of the country's economy are sufficient to justify expanded
private hospital service for the AAA population. According to studies performed by the Fundação
Getúlio Vargas Center for Social Policies show that socio-economic classes A and B combined
increased from 5.35% of the population in 1992 to 11.76% in 2011. IBGE data for 2010 reveals that
in the previous ten years the income of the AAA population increased 29%.
Private hospitals are implementing hotel services, which consists of offering suitably adapted hotel
concepts and services to hospitals, an area now known as hospital hotel services. Patients are
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42
offered services such as butlers, concierge, chefs, televised visits, bill payment via motoboy, and
beauty services such as manicures, hair stylists and barbers.
The large hospital chains plan to invest in hotel services due to increasing demand among numerous
market niches. Special services are an essential competitive advantage when it comes to the higher
income segments of the population, and as the income of Brazilians increases, so does the market of
those interested in differentiated healthcare plans. Not only has the number of health plans increased,
but there has also been a migration to plans that offer better hospitals, labs and accommodations.
THE REAL ESTATE MARKET IN THE REGION
The study property is located in the district of Assunção, in Santo André. This is a mixed use
neighborhood, with a shopping center (Shopping ABC), a hypermarket (Carrefour), hospitals and
numerous residential developments under construction. Avenida Pereira Barreto, which the main
property (General Hospital) fronts, is predominantly commercial. The other buildings that are part of
the study property and located in the immediate surroundings are located in areas with a lot of
residential buildings, with good infrastructure and public transportation.
SUPPLY AND DEMAND
There are very few high end commercial buildings in the neighborhood, and despite this limited
supply demand is balanced. In terms of the two main buildings, there are properties of similar size in
the region, each one designed for a specific type of use. It is our view that the demand for this
property is limited as it is specifically for use as a hospital.
For the other buildings that make up the property supply is ample and demand average, making
absorption hard in a balanced market.
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43
5. Additional Information
The property in study is the object of a Sale Lease Back transaction between North West (Fund
and/or Purchaser) and Rede D’or (Vendor and/or Tenant). Following are the principal terns of this
contract:
■
Non-typical lease with 25 year term, initial net rent of R$25.627M and annual IPCA
indexation
■
NNNN lease - Rede D’or Parent Co (Tenant) is responsible for operations, repairs and
maintenance and lease can only be terminated by Tenant in the event of expropriation
■
Rede D’or to provide annual financial and operational performance figures
■
Covenants – default under debt financial covenants or rent to EBITDAR being greater
then 50% result in one years net rent as security
■
Lease has three 25 year renewal options subject to at least 3 years notice
■
Up to R$30M of renovation or expansion capital at 12% yield subject to Landlord
approval (not reflected in the analysis as it is speculative)
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44
5.1. Tenant description
Rede D’or is the largest network of private hospitals in Brazil
COMPANY PROFILE
■ STATUS
■
■

Founded in 1977 as Labs D’or, currently with 26 owned hospitals, 3.352 beds

Dominant presence in the city of Rio de Janeiro under the “D’Or” (hospitals) brand,
in São Paulo under the “São Luiz” brand and in Brasilia under Santa Luzia brand
GROWTH HISTORY

Proven execution track record of acquisitions and greenfields:
–
15 hospital acquisitions concluded since 2010, which went through a successful
turnaround process
–
5 greenfield hospitals
–
48 greenfield labs, currently associated with Fleury
INVESTMENT PLAN 2010-2015

Aiming to reach 5,000 beds in 2015 (build and acquisition)
GEOGRAPHIC FOOTPRINT
Source: Rede D’or presentation
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45
OPERATIONAL HIGHLIGHTS
2011 Operating highlights
Occupancy rate (%)
Attended patients per day ('000)
Emergency attendances per month ('000)
Surgeries per month ('000)
80%
2.4
169.6
11.1
FINANCIAL HIGHLIGHTS
3.055
1.958
17,8%
2.246
17,4%
12,2%
14,5%
532
902
161
2009
2010
2011
2012E
2009
238
2010
327
2011
Source: Rede D’or presentation
North West
2012E
46
6. Appraisal
The calculations and analyses of market values are based on the physical characteristics of the study
property and its location within its region.
According to applicable standards, when planning a survey the objective is to make up a
representative sample of market information on properties that are as similar as possible to the study
property using all available evidence.
Comparison elements were collected in a survey of the property market using newspaper classifieds,
broker contacts, local property agents, owners and other industry players. The standards require that
elements for comparison have the following points of equivalence:
■
Equivalent Situation: Preference will be given to properties that share the geo-socioeconomic situation, are in the same neighborhood and zoned the same.
■
Equivalent in Time: Whenever possible, comparison elements must refer to the same
period in time as the appraisal.
■
Equivalent Characteristics: Whenever possible, the properties used for comparison
purposes must be similar to the study property in terms of their situation, extent of use,
physical characteristics, suitability to their environment, utilization, etc.
Any one of the following data handling procedures may be used. Selection is normally a function of
the volume of data and the quality of the information available.
■
Factor Handling: data smoothing using study-based factors and criteria for subsequent
statistical analysis of a homogeneous data set.
■
Scientific methodology: empirical evidence treated using scientific methods resulting in a
validated model of market behavior.
In this case we used the "Discounted Cash Flow" approach to determine the sale value of the
property.
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47
DETERMINATION OF THE PURCHASE/SALE VALUE - INCOME
CAPITALIZATION APPROACH BASED ON A DISCOUNTED CASH
FLOW
The Approach used to determine the value for the sale of the property in this case was the Direct
Capitalization Approach using a Discounted Cash Flow, which estimates the present value of the
property at an appropriate discount rate.
In this approach, periodic cash flows and a residual value for the sale of the property(if any) are
estimated and discounted to arrive at the present value. The periodic cash flows are discounted using
a discount rate that corresponds to the opportunity cost of equity. The reliability of this approach
depends on whether or not investors are actively pursuing investments in this type of property, and
the volume and accuracy of the revenue and expense information for comparable investments.
The model used for the valuation was a Discounted Cash Flow (DCF) for the enterprise lifecycle,
which may be defined as the period of time during which the property will be explored. Projections
can be usually split into 2 parts:
■
Explicit period: A future period that is closer in time and thus easier to predict, normally
10 years;
■
Residual Value: The remaining period in the lifetime of the asset. The future long term
cash flow is replaced with a single equivalent value at the end of the projected period.
The analyses model consider the results before the taxes. To determine the market value of the
property was used a cash flow for the projected period of 10 years.
The rate used to discount the 10 years operational cash flow and to calculate the present value
reflects risk profile of:
■
the external environment: the current situation of the real estate market in Brazil and in
the area of influence, as well as the economic fundamentals of the country;
■
The internal environment: the operating conditions and performance of the shopping mall
and the equity structure of its investors.
Considering the current Brazilian and global economic scenarios, in addition to the specific risk
analysis for the enterprise, we estimated a real discount rate (net of inflation) of 11.5% per year.
For the exhaustion period the Cap Rate for calculating the residual value is 9.00% per year.
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48
Below are some of the premises used for the cash flow.
GENERAL PREMISES USED
HOSPITAL INFANTIL SABARÁ
AVENIDA ANGÉLICA, Nº 1987 - CONSOLAÇÃO - SÃO PAULO/SP
A - PROPERTY
Date
Dec-12
Leasable Area
31.910,53
m²
66,92
2.135.583,33
R$ per sq meter
R$
R$ per sq meter
B - POTENTIAL INCOME
Lease Unit Value:
Monthly Lease Value Base December/12:
Other Revenues
Real Growth (5th year):
0,0%
*the lease value was provided by Noth West and represents the amount they will receive from the tenant
C - ADJUSTMENTS
End of Contract
Dec-37
Vacancy:
Free Period:
General Vacancy:
Collection Loss:
Inflation:
Inflation:
0
0
0,00%
0,00%
0,00%
0,00%
in the end of contract
month
of potential income
of potential income
a year
monthly
0,00
0,00
N/A
0,00%
R$ per sq meter / month
R$ per sq meter / month
R$ per sq meter
of Effective Income
0,00
R$ per sq meter
of Effective Income, after
5th year
R$
D - OPERATIONAL EXPENSES
Service Charge (vacancy):
Property Taxes (vacancy):
Property Insurance:
Income Taxes (PIS/COFINS):
E - NON-OPERATIONAL EXPENSES
Improvements:
Asset Replacement Fund:
Marketing:
Rent Commission:
Sale Commission:
0,00%
0,00
0,00
2,50%
(in resale)
F - RATES AND CASH FLOW
Resale (Residual Value):
Approach:
Capitalize Net Operating Income
Monthly in the end of cash flow
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49
Capitalization Period:
Discount Rate:
Cap Rate (Residual):
10
11,5%
9,00%
years
year
year
LEASEABLE AREA
PRESENT MARKET VALUE
PMV PER SQM OF LEASEABLE
AREA:
31.910,00
255.025.727
7.992
In “Attachment II – Discounted Cash Flow” we our calculations to determine the sale value of the
property by the discounted cash flow.
DETERMINATION OF THE SALES VALUE USING THE
REPLACEMENT COST APPROACH
As defined in article 8.2.1 of ABNT NBR 1463-1:2001, the Replacement Cost Approach calculates the
value of a property as the sum of the value of its components. If the object of the appraisal is to
determine the market value, then factors related to the sale must be taken into consideration.
The Replacement Cost Approach is based on the concept that a well informed buyer would not pay
for a property more than it would cost to reproduce a similar facility for the same use. Depreciation is
applied to the cost to reproduce buildings and betterments, bearing in mind physical and functional
elements, facility lifetimes and state of repair. This method is particularly suited to properties with
relatively new buildings and betterments that make better use of the land tract, or where the property
includes unique or specialized facilities, as well as when similar properties for sale and/or lease are in
very short supply.
DETERMINATION OF THE VALUE OF THE LAND TRACT
For each of the elements to compare the supply of land tracts in the region we applied smoothing
factors to adjust them to the characteristics of the study property.
The calculations to determine the unit value of the land tract are included as an attachment under
“Sample Handling”.
To smooth out the unit values of the land tract we used the following factors:
SUPPLY FACTOR:
The presumed discount factor after negotiation of the initial offer.
CORNER FACTOR:
This factor adjusts for a property's position on the block it is in, and is 10% for properties located at
the corner of two streets or roads, and 5% if there are two frontages.
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50
LOCATION FACTOR:
This factor is used to adjust for physical characteristics such as location, socioeconomic level,
commercial factors, accessibility, etc.
SIZE FACTOR:
This factor adjusts for the size, as the larger the area the lower the unit price, and vice versa.
DEPTH FACTOR:
This factor is used to compensate for the ratio of depth to frontage of the study property.
TOPOGRAPHY FACTOR:
A factor used to adjust for the topography of the comparison element to the topography of the study
property:
ZONING FACTOR:
A factor that takes into consideration utilization as it relates to the zone and the potential for
construction where the study property and the elements of comparison are located.
DETERMINATION OF THE VALUE OF THE CONSTRUCTION
The cost of the buildings on the property was estimated based on an estimate of the cost per square
meter for new construction with the same type of finishing, then multiplying this by the total built area
on the property.
To take into account exterior obsolescence, we applied a depreciation factor to the unit cost to build.
A detailed explanation of the depreciation criteria is provided below.
DEPRECIATION CRITERIA
Depreciation is the difference between the cost of new construction and the current value of a
building. Depreciation describes the loss of value in three basic categories: (1) physical deterioration;
(2) functional obsolescence and (3) obsolescence of the exterior.
■
Physical deterioration is the result of wear and tear and of the environmental factors
acting on the building, which reduce its value.
■
Functional obsolescence is the decrease in value resulting from architectural factors that
affect current utilization. This may be caused by changes over time that render parts of
the structure, materials used or architectural design obsolete by current standards.
■
External obsolescence is due to effects that, while adversely affecting its value, are not
strictly related to the property itself. This includes changing use and occupancy
regulations and unfavorable economic scenarios.
ROSS-HEIDECKE PHYSICAL DEPRECIATION CRITERIA
The Ross-Heidecke methodology was developed to calculate physical depreciation as a result of
building age and conservation. In practice, age is estimated as a percentage obtained by dividing the
apparent age of a property by the economic lifetime estimated for that type of construction.
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51
The state of repair is taken from the following table:
ROSS-HEIDECKE CRITERIA FOR STATE OF REPAIR
A
New
E
Simple repairs
B
Between new and fair
F
Simple to important repairs
C
Fair
G
Major repairs
D
Between Fair and Simple Repairs
H
Between major repairs and no value
COMMERCIALIZATION FACTOR:
We used a commercialization factor of 1.2 to come up with the market value for reproducing the
property, given that it is well positioned in a high value neighborhood and is located to a high level
development in the construction phase, and it is suitable to its location and market demand, where
buyer and seller have the same level of interest in the transaction.
Below are the calculations for determining the value of the land tract, buildings and facilities of the
study property using the replacement cost approach.
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52
Below are the calculations for determining the value of the land tract, buildings and facilities of the study property using the replacement cost approach .
COST APPROACH - LAND
ADDRESS
LAND AREA (SQM)
UNIT VALUE (R$/SQM)
LAND TOTAL VALUE (R$)
Rua Coronel Fernando Prestes, 1177 - Vila Assunção – Santo André/SP
15.000,00
1.368,14
20.522.130,00
BUILDINGS
NAME
TOTAL
CONSTRUCTE
D AREA (M²)
Hospital Brasil
31.910,53
SUBTOTAL
CLASSIFICATION
FACTO
R R8N
R8N
BASE/NOVE
MBER
UNIT
COST
(R$/SQ
M)
2.1.6 Escritório
Luxo
3,610
1.072,78
3.872,74 20
AGE
MAINTENANCE USEABLE
(YEARS) CONDITION
AGE (YEARS)
c
60
REMAINI
NG AGE
(YEARS)
DEPRE
NEW COST (R$)
C.
40
0,758
31.910,53
DEPRECIATED
COST (R$)
123.581.051,93
93.674.437,36
123.581.051,93
93.674.400,00
TOTAL COST (R$)
114.196.500,00
Commercialization Factor
1,20
SALE MARKET VALUE (R$)
137.035.800,00
Property value per sqm of built area
4294,38 /m²
Property value per sqm of land area
9135,72 /m²
In “Attachment III – Samples Handling” we present the calculations to determine the land value of the property.
North West
53
7. Final Valuation Conclusion
Based on market trends in the region where the property is located, the technical specifications of the
property and real estate market practices, we conclude that, on December 18, 2012 the property was
worth:
MARKET VALUE FOR LEASING THE PROPERTY (MONTHLY):
R$ 2.135.583,33 (TWO MILLION ONE HUNDRED AND THRITY FIVE TOUSAND FIVE HUNDRED AND EIGHTY THREE
REAIS) A MONTH
MARKET VALUE FOR THE SALE OF THE PROPERTY:
R$ 255.026.000,00 (TWO HUNDRED AND FIFTY FIVE MILLION TWENTY SIX TOUSAND REAIS)
Joana Silva
Coordinator, Valuation & Advisory
Rogério Cerreti, MRICS
Director, Valuation & Advisory
CAU: # 50812-8
North West
Attachment I - Photographic Report
North West
RUA CORONEL FERNANDO PRESTES ASPECTS
RUA VOTUPORANGA ASPECTS
North West
BUILDING A OF HOSPITAL GERAL FAÇADE
BUILDING B OF HOSPITAL GERAL FAÇADE
North West
ASPECTOS DO ATENDIMENTO
RECEPTION ASPECTS
North West
ROOM ASPECTS
ICU ASPECTS
North West
MATERNITY
PARKING ACCESS
North West
Attachment II – Discounted Cash Flow
North West
CASH FLOW
Values in Reais
#
Month
Lease Revenue
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
December-12
January-13
February-13
March-13
April-13
May-13
June-13
July-13
August-13
September-13
October-13
November-13
December-13
January-14
February-14
March-14
April-14
May-14
June-14
July-14
August-14
September-14
October-14
November-14
December-14
January-15
February-15
March-15
April-15
May-15
June-15
July-15
August-15
September-15
October-15
November-15
December-15
January-16
February-16
March-16
April-16
May-16
June-16
July-16
August-16
September-16
October-16
November-16
December-16
January-17
February-17
March-17
April-17
May-17
June-17
July-17
August-17
September-17
October-17
November-17
December-17
January-18
February-18
March-18
April-18
OPERATIONAL
EFFECTIVE GROSS REVENUE
Potential Revenue
Adjustments
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
Other
-
Subtotal
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
Vacancy
-
Total (Effective
Gross Revenue)
Subtotal
-
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
Service
Charge
Property Taxes
-
-
Income Taxes
(PIS, COFINS)
-
CASH FLOW
NON OPERATIONAL EXPENSES
OPERATIONAL EXPENSES
NOI
Total
-
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
Asset Replacement
Fund
-
Marketing
Rent Commision
-
-
RESIDUAL
VALUE
Total
-
Monthly
-
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
Acumulated
2.135.583
4.271.167
6.406.750
8.542.333
10.677.917
12.813.500
14.949.083
17.084.667
19.220.250
21.355.833
23.491.417
25.627.000
27.762.583
29.898.167
32.033.750
34.169.333
36.304.917
38.440.500
40.576.083
42.711.667
44.847.250
46.982.833
49.118.417
51.254.000
53.389.583
55.525.167
57.660.750
59.796.333
61.931.917
64.067.500
66.203.083
68.338.667
70.474.250
72.609.833
74.745.417
76.881.000
79.016.583
81.152.167
83.287.750
85.423.333
87.558.917
89.694.500
91.830.083
93.965.667
96.101.250
98.236.833
100.372.417
102.508.000
104.643.583
106.779.167
108.914.750
111.050.333
113.185.916
115.321.500
117.457.083
119.592.666
121.728.250
123.863.833
125.999.416
128.135.000
130.270.583
132.406.166
134.541.750
136.677.333
138.812.916
CASH FLOW
Values in Reais
#
Month
Lease Revenue
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
May-18
June-18
July-18
August-18
September-18
October-18
November-18
December-18
January-19
February-19
March-19
April-19
May-19
June-19
July-19
August-19
September-19
October-19
November-19
December-19
January-20
February-20
March-20
April-20
May-20
June-20
July-20
August-20
September-20
October-20
November-20
December-20
January-21
February-21
March-21
April-21
May-21
June-21
July-21
August-21
September-21
October-21
November-21
December-21
January-22
February-22
March-22
April-22
May-22
June-22
July-22
August-22
September-22
October-22
November-22
OPERATIONAL
EFFECTIVE GROSS REVENUE
Potential Revenue
Adjustments
TOTAL
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
256.270.000
NPV (R$):
255.025.727
Other
-
Subtotal
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
256.270.000
Vacancy
-
Total (Effective
Gross Revenue)
Subtotal
-
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
256.270.000
Service
Charge
Property Taxes
-
-
Income Taxes
(PIS, COFINS)
-
CASH FLOW
NON OPERATIONAL EXPENSES
OPERATIONAL EXPENSES
NOI
Total
-
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
256.270.000
Asset Replacement
Fund
-
Marketing
Rent Commision
-
-
RESIDUAL
VALUE
Total
-
288.899.728
288.899.728
Monthly
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
2.135.583
291.035.311
545.169.728
Acumulated
140.948.500
143.084.083
145.219.666
147.355.250
149.490.833
151.626.416
153.762.000
155.897.583
158.033.166
160.168.750
162.304.333
164.439.916
166.575.500
168.711.083
170.846.666
172.982.250
175.117.833
177.253.416
179.389.000
181.524.583
183.660.166
185.795.750
187.931.333
190.066.916
192.202.500
194.338.083
196.473.666
198.609.250
200.744.833
202.880.416
205.016.000
207.151.583
209.287.166
211.422.750
213.558.333
215.693.916
217.829.500
219.965.083
222.100.666
224.236.250
226.371.833
228.507.416
230.643.000
232.778.583
234.914.166
237.049.750
239.185.333
241.320.916
243.456.500
245.592.083
247.727.666
249.863.250
251.998.833
254.134.416
545.169.728
Attachment III – Sample Handling –
Replacement Cost
North West
Hospital Brasil
dez/12
COMPARATIVES AND SUBJECT PROPERTY CHARACTERISTICS
Nº
LOCATION
OFFER
TYPE
ZONE
FRONTAGE
TOPOGRAPHY
(SQM)
LANDA AREA
(SQM)
BUILT AREA (SQM)
UNITARY COST OF
CONSTRUCTION
(R$/SQM)
DEPRECIATION
ROSS-HEIDECK
ASKING PRICE
(R$)
UNITARY
ASKING
(R$/SQM)
AGENTY
CONTACT
PHONE
-
-
-
-
Cushman &
Wakefield
-
(11) 5501-5464
PROPERTY
-
Av. Cel. Fernando Prestes, 1177,
Vila Assunção, Santo André/SP
Avaliando
Terreno
15.000,00
0,00
COMPARABLES
1
Av Ramalho x R Ortiz, Vila
Assunção, Santo André/SP
Oferta
Terreno
Mista
15,00
Plano
816,00
0,00
0,00
1,00
3.000.000,00
3.676,47
Robson
Bell Imóveis
(11) 4992-2999
2
Rua Visconde de Mauá, Vila
Oferta
Terreno
Misto
5,00
Plano
200,00
0,00
0,00
1,00
320.000,00
1.600,00
Sr. Carlos
Proprietário
(11) 9465-6243
3
Rua Javaés, Vila Eldízia, Santo
André/SP
Transacão
Terreno
Misto
10,00
Plano
450,00
0,00
0,00
1,00
550.000,00
1.222,22
Miguel
Betel
Imobiliária
(11) 4453-4838
4
Rua Javaés, Vila Eldízia, Santo
André/SP
Oferta
Terreno
Misto
10,00
Pequeno Declive
450,00
40,00
0,00
1,00
550.000,00
1.222,22
Jessen
5
Rua da Catequese Alt 1000, Vila
Guiomar, Santo André/SP
Oferta
Terreno
Misto
14,00
Plano
300,00
0,00
0,00
1,00
530.000,00
1.766,67
José Carlos
Jardim
Imobiliária
(11) 4990-4288
6
Av Ramiro Coleoni Alt 530, Jardim
Bela Vista, Santo André/SP
Oferta
Terreno
Misto
7,00
Plano
247,00
0,00
0,00
1,00
460.000,00
1.862,35
Simone
Trianon
Imóveis
(11) 4992-2999
7
Av Gilda, Santo André/SP
Oferta
Terreno
Misto
15,00
Plano
658,00
0,00
0,00
1,00
1.200.000,00
1.823,71
Simone
Trianon
Imóveis
(11) 4992-2999
8
Rua Javri, Vila Assunção, Santo
André/SP
Oferta
Terreno
Mista
10,00
Declive
1.860,00
0,00
0,00
1,00
2.418.000,00
1.300,00
Ludmilla
Corretora
(11) 9795-4009
9
Rua José Antonio Almeida
Amazonas C/ Rua Itajubá, Vila
Oferta
Terreno
Misto
15,00
Plano
750,00
0,00
0,00
1,00
2.500.000,00
3.333,33
José Carlos
Jardim
Imobiliária
(11) 4990-4288
Intermediário
(11) 9616-3124
do Proprietário
Hospital Brasil
dez/12
COMPARISOS ADJUSTMENTS
#
ADRESS
OFFERING
TOPOGRAPHY
ACCESS
F. ZONE
LOCATION
AREA
1,00
1,00
UNIT VALUE AFTER
FINAL UNIT VALUE AFTER
ADJUSTMENT (R$/SQM) ADJUSTMENT (R$/SQM)
SUBJECT PROPERTY
_
Av. Cel. Fernando Prestes, 1177, Vila
1,00
1,00
1,00
1,00
_
_
COMPARISONS
1
Av Ramalho x R Ortiz, Vila Assunção,
Santo André/SP
0,90
1,00
1,00
1,00
1,20
0,69
2
Rua Visconde de Mauá, Vila Assunção,
Santo André/SP
0,90
1,00
1,00
1,00
1,30
0,58
1.300,22
1.300,22
3
Rua Javaés, Vila Eldízia, Santo André/SP
0,90
1,10
1,00
1,00
1,40
0,65
1.259,63
1.259,63
4
Rua Javaés, Vila Eldízia, Santo André/SP
0,90
1,10
1,00
1,00
1,40
0,65
1.259,63
1.259,63
5
Rua da Catequese Alt 1000, Vila
0,90
1,00
1,00
1,00
1,40
0,61
1.611,05
1.611,05
6
Av Ramiro Coleoni Alt 530, Jardim Bela
Vista, Santo André/SP
0,90
1,00
1,00
1,00
1,20
0,60
1.338,40
1.338,40
7
Av Gilda, Santo André/SP
0,90
1,00
1,00
1,00
1,20
0,68
1.439,45
1.439,45
8
Rua Javri, Vila Assunção, Santo
André/SP
0,90
1,00
1,00
1,00
1,40
0,77
1.368,59
1.368,59
9
Rua José Antonio Almeida Amazonas C/
Rua Itajubá, Vila Guiomar, Santo
André/SP
0,90
1,00
1,00
1,00
1,30
0,69
1.368,14
1.368,14
AVERAGE=
Hospital Brasil
dez/12
STATISTICAL PROCESSING
Average Unit Value (R$ per sqm)
1.978,55
SAMPLE HANDLING
Upper Limit (+30% ):
1.778,58
Lower Limit (-30% ):
957,70
Confidence Interval:
30%
Number of Elements:
6
Adjusted Average (R$/m²):
1.368,14
SAMPLE HANDLING
Upper Limit:
1.421,55
Lower Limit:
1.314,73
Confidence Interval:
7,77%
Standard deviation:
124,59
t Student distribution:
1,13
Ratio (Deviation/Average):
0,09
Number of observations after adjustments:
Adjusted Average Unit (R$/m²):
7
1.368,14
SALE MARKET VALUE
SALE MARKET VALUE (R$):
Final Unitary Value (R$/m²):
1.368,14
Area (m²):
15.000,00
20.522.000,00
Attachment IV - Valuation
Specification - NBR 14,653-2/11
North West
North West - Hospital Brasil
dez/12
VALUATION SPECIFICATION - COMPARISON APPROACH
TABELA 10 - GROUNDING DEGREE FOR THE USE OF REPLACEMENT COST APPROACH (ABNT NBR 14653-2:2011)
ITEM
DESCRIPTION
RESULT
SCORE
COMPARATIVES AND SUBJECT
PROPERTY CHARACTERISTICS
Land Value Calculation
Minimun of Grade I at "Grade Degree" in
the Comparison Approach
1
2
Replacement Cost Calculation
Minimun of Grade I at "Grade Degree" in
the Replacement Cost Approach
1
3
Commercialization adjustment
Commercialization adjustment justified
2
Total
4
TABELA 11- GROUDING DEGREE ("GRAU DE FUNDAMENTAÇÃO") FOR USE OF REPLACEMENT COST APPROACH (ABNT NBR 146532:2011)
GRADEE
III
II
I
Minimun Number points
8
5
3
Item Obligation
Item 2 and 4 with Grade III and
others itens with grade II at
Iten 2 na 4 with Grade II and others itens
with Grade I at minimum
All Itens with Grade I
AS FOR GROUNDING, THE REPORT IS CLASSIFIED AS:
GRADE I
TABELA 5 - ACCURACY DEGREES OF ESTIMATE VALUE FOR USE OF TREATMENT FACTOR
DESCRIÇÃO
Confidence interval wide of 80% around
the estimate value
GRADE
III
II
I
<=30%
<=40%
<=50%
Confidence Interval
AS FOR GROUNDING, THE REPORT IS CLASSIFIED AS:
20,00%
GRADE III

Modelo - Relatorio Avaliacao Faculdade

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